§ 2-241. Definition of capital improvement program

(a) A capital improvement program is the town's plan for short and long range physical development. The capital improvement program links the town's comprehensive plan and fiscal plan to physical development. It provides a mechanism for estimating capital requirements and planning, scheduling and implementation of projects over a six-year period; develops revenue policy for proposed improvements; monitors the progress of capital projects; and informs the public of proposed capital improvements. Capital improvement projects are items that have a useful life of at least three years and have a cost in excess of $10,000.00.

(b) Capital improvement projects include the following activities:

(1) The acquisition or lease of land.

(2) The construction of a new building or facility, including the cost of engineers, architects, site planning and other preconstruction costs.

(3) Major improvement, renovation, rehabilitation or extension of an existing building or facility in excess of $10,000.00 and beyond normal maintenance, repair or replacement.

(4) The purchase of a major item or piece of equipment that has a useful life of at least three years and has a cost in excess of $10,000.00.

(Ord. of 11-15-1990; Ord. of 2-3-1997)